FuelCell Energy Inc (NASDAQ:FCEL) fiscal third-quarter results beat Wall Street revenue estimates while earnings per share were close to the consensus expectation, with the company saying it is poised for further growth in the coming years.
Revenue came in at US$12.1mln, up 16.8% from the US$10.36mln in the same year-ago period and the consensus expectation it would reach US$11.32mln. The energy-storage company recorded a loss US$0.20, a 35.5% improvement from last year when the loss reached US$0.31. Consensus was for a loss of US$0.19 per share.
“We made progress this quarter in the execution of our strategy in a number of key areas,” said Chip Bottone, president and chief executive of FuelCell Energy.
“Commercially, we were awarded projects from Connecticut DEEP that added another 22.2 MWs (megawatts) to our growing backlog. Additionally, we formalized our service agreement with KOSPO in South Korea. This long-term service agreement on the recently completed 20 MW Korean utility plant will provide another source of recurring revenue and profitability that is core to our strategy."
Revenue was higher for the third quarter of fiscal 2018 primarily due to the timing of project activity under existing contracts, the company said in a statement.
The company had a contract backlog totaling approximately US$793.2mln as of July 31, 2018. The company also had project awards totaling an additional US$1.1bn, resulting in total backlog and awards of US$1.9bn as of July 31, 2018.
Shares were trading down 4.17% at US$1.15 on Thursday. The shares were off 5% in Thursday's premarket to US$1.14. FuelCell shares company settled on Wednesday 5.26% up at US$1.20.
FuelCell, based in Danbury, Connecticut, delivers fuel cell solutions for the supply, recovery and storage of energy.